The U.K. is suing the European Central Bank for setting rules that allegedly handicap the City of London and would force one of the world's largest clearing houses, LCH.Clearnet Group Ltd., to decamp operations to the euro area, the Financial Times reported Wednesday.
The ECB recently set a policy requiring clearing houses to be based in the eurozone if they handle more than 5% of the market in a euro-denominated financial product, the newspaper said.
The U.K. feels the rule restricts the free movement of capital and infringes on the right to establish cross-border businesses across a multicurrency European Union, according to the newspaper.
The ECB recently set a policy requiring clearing houses to be based in the eurozone if they handle more than 5% of the market in a euro-denominated financial product, the newspaper said.
The U.K. feels the rule restricts the free movement of capital and infringes on the right to establish cross-border businesses across a multicurrency European Union, according to the newspaper.
0 comments:
Post a Comment